I Wonder How Many Get Back What They Pay To Social Security

Discussion in 'Money & Finances' started by Sheldon Scott, Nov 12, 2020.

  1. Sheldon Scott

    Sheldon Scott Veteran Member
    Registered

    Joined:
    Mar 13, 2015
    Messages:
    2,972
    Likes Received:
    4,648
    I was looking over the Social Security website this morning.

    My employers and I have paid in $132,137 over my 49 years of working.

    I've been drawing Social Security for nearly 14 years and so far have draw over $302,000.

    I've known many who paid in but didn't live to draw much or none at all.
     
    #1
    Yvonne Smith and Ken Anderson like this.
  2. Gloria Mitchell

    Gloria Mitchell Veteran Member
    Registered

    Joined:
    Mar 18, 2017
    Messages:
    4,716
    Likes Received:
    7,436
    Don't know how much was paid in- but I will be history long before I receive it all. That is my thought.
     
    #2
    Frank Sanoica likes this.
  3. Peter Renfro

    Peter Renfro Very Well-Known Member
    Registered

    Joined:
    Sep 13, 2018
    Messages:
    1,368
    Likes Received:
    1,594
    My bro in law thought he never would have enough to retire. He died before drawing a penny!
     
    #3
    Frank Sanoica likes this.
  4. Lon Tanner

    Lon Tanner Veteran Member
    Registered

    Joined:
    Apr 14, 2016
    Messages:
    3,666
    Likes Received:
    3,981
    I have been drawing Social Security for over 21 years and have received over $300,000 so far.
     
    #4
    Frank Sanoica and Sheldon Scott like this.
  5. Ken Anderson

    Ken Anderson Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    17,032
    Likes Received:
    26,230
    Yet, they use the term "entitlement" as if they were referring to welfare. Yes, I'm entitled to it. It's my money. Even the part paid by my employer could have been paid to me in wages instead. On a side topic, have you noticed that whenever we get a cost of living adjustment to our Social Security, our Medicare costs go up?
     
    #5
    Last edited: Nov 12, 2020
  6. Beth Gallagher

    Beth Gallagher Veteran Member
    Registered

    Joined:
    Jan 11, 2018
    Messages:
    8,237
    Likes Received:
    13,754
    My husband's grandfather lived to be 99+; he liked to say that he was retired for as long as he worked.
     
    #6
    Von Jones and Sheldon Scott like this.
  7. Peter Renfro

    Peter Renfro Very Well-Known Member
    Registered

    Joined:
    Sep 13, 2018
    Messages:
    1,368
    Likes Received:
    1,594
    My dad is 94. He retired at 62. He is fond of saying, "I beat the bastards"
     
    #7
  8. Frank Sanoica

    Frank Sanoica Veteran Member
    Registered

    Joined:
    Feb 21, 2016
    Messages:
    8,711
    Likes Received:
    9,362
    @Peter Renfro

    "Beating the bastards" is MY kind of philosophy! However, what is most often lost in the discussion of "getting your money back" is the fact that your (and your employer's) meager payments, if accrued at interest compounded over all those years employed, comes to at LEAST twice, on average, the amount paid in, depending on how long the term is and prevailing interest rates.

    Therefore, @Sheldon Scott, your benefits received have just started being paid by funds other than your own ($132,000). Easy to see how one might think incentive exists for government to ensure that longevity of it's constituents not be excessively high; war covers a part of that concern. War dead never receive pension, though surviving relatives might get a meager stipend. That coupled with the temptation over all those decades to draw funds OUT of the S/S pot for other use. Such activity carried out by Pension Fund officials is highly illegal (note Jimmy Hoffa, Dave Beck, etc.), whereas when done under the auspices of "government" it seems acceptable to many, especially politicians.

    Frank
     
    #8

Share This Page